IBM third-quarter profits beat expectations

Tech News

By Joshua S Hill Oct 9, 2008, 17:24 GMT

IBM announced Wednesday that its third-quarter earnings had risen 20% and that they were confident they would meet their full year predictions. IBM shares are currently sitting steady in the $91 range, up over a dollar in afternoon trading. IBM’s earnings saw their net income grow to $2.8 billion, or $2.05 a share, compared to $2.36 billion/$1.68 a share this time last year. Revenue grew to $25.3 billion compared to $24.1 billion. Gross margins jumped to 43.3% from 41.3% in the same quarter last year. "Our results demonstrate that the combination of a steady base of recurring revenue and profits, investments for growth in emerging markets, a range of products and services that deliver value to clients, and a strong and flexible financial foundation give IBM a competitive edge in good times and tough times," said IBM chairman and CEO Sam Palmisano, in a statement.The news came a week earlier than analysts had been expecting, but may be an attempt to assuage fears in the tech market. Technology stocks had been struggling in the current economic climate, but IBM’s announcement has helped stabilize the tech market and most sector leaders are holding onto their gains.

Your Talkback on this Story

Older Talkback

Similar articles

IBM joins cloud computing revolution
IBM sued for solvent dumping in New York
Future Wii will abandon hand controllers
Opera appeals to EU in Microsoft IE antitrust case
IBM unveils new supercomputer breakthrough

Latest Headlines in Tech

News from Other Sites

From Sites We Like

Latest Tech Herald News

Creationists add 50-page intro to Darwin's 'On the Origin of Species'
AT&T finally welcomes the BlackBerry Bold 9700
Barnes & Noble: Nook deliveries delayed until January
iPhone set to arrive in South Korea
Darwin toilet book expected to sell for $100,000

Latest from Fark

Authorities decry assault on 12-year-old California boy as a result of "Kick A Ginger Day" internet posting, but add that if anyone wants to punch David Caruso, that would be ok [Strange]
Vatican hosts conference on extrasolar life, highlights need for that whole warp-drive thing [Interesting]
He brings a shotgun, you bring a bagel cart. That's the Orlando way [Florida]
CDC Releases H1N1.6 Service Pack 2 [Satire]
Welcome home Captain. Thank you for serving your country. Get ready for your Big Mac attack [Asinine]

Latest Cinema Blend News

Kull Getting a Sorbo Free Reboot
Victoria Beckham Says No To Madagascar 3
Mel Gibson Denies Role in Mad Max: Fury Road
New Moon's Chris Weitz Gets A New Project
Running of the Bulls Ruins Tom Cruise's Next Film

In Monsters and Critics

: Arts; Books; DVD; Gaming; Lifestyle; Movies; Music; News; People; Science & Nature; Sport; TV; Archives
Other Languages and Sites: Deutschland (Monsters and Critics); The Tech Herald; Free Games

Entertainment: Arts; Books; DVD; Gaming; Movies; Music; People; Soundtracks; TV
Media: Celebrity Photos; Movie Pictures; Movie Trailers; Movie Posters; Theatre Stills; Celebrity Video; Music Video
Released this week: Movies - USA; Movies - UK; DVD - USA
Distractions: Online Games; Daily Crossword; Sudoku Classic; Daily Jigsaw

World News: US; UK; Americas; Europe; Middle East; Asia Pacific; South Asia; Africa; Business; Education; Health
Science and Tech: Science and Nature; Technology
Lifestyle: Autos; Fashion; Life; Travel

Corporate

: About; Advertise; Contact; The Team; Vacancies; Privacy; RSS; Site Map; Terms; Webmasters

The Fine Print

© 2003 - 2009 by Monsters and Critics.com, WotR Ltd. All Rights Reserved. All photos are copyright their respective owners and are used under license or with permission. * Note M&C cannot be held responsible for the content on other Web Sites.

Servers supplied by Servint

USA